mortgage review 1

Closing costs

• Extra fees added when buying a house. Known by the formula: sum of the bank fees. some examples include title transfer fees, lawyer's fees, and survey fees.

• The final payment on your home loan.

• When the bank has closed out your home loan and the property is now owned by only you.

Tags

CCSS.7.RP.A.3

A long term loan that is used to finance the purchase of house is called a:

• condominium

• lease

• mortgage

• security deposit

Linda is planning to buy a property. She finds a home priced at $92,000. What is the amount of the loan if a down payment of 20% is required?($##,###)

Tags

CCSS.6.RP.A.3C

Patti Green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What amount is their mortgage?

Tags

CCSS.7.NS.A.2A

CCSS.7.NS.A.2B

Erin agreed to purchase a house for $307,900. Hoover Mortgage is willing to lend her money at 8% for 30 years provided she can make a down payment of $60,000. The total closing costs are 3% of the mortgage. What are the total closing costs?

• $247,900

• $255,337

• $7,437

• $4,800

Tags

CCSS.7.RP.A.3

Joe has a $150,000 mortgage. The monthly payment is $794. How much will he have paid at the end of the loan term, if he gets a 25 year mortgage?

Tags

CCSS.7.EE.B.3

You have a $215,000 mortgage at 7% interest. The monthly payment is $1400. What is the payment to the principal?(hint: use picture on whiteboard)

• $1,254.16

• $145.83

• $1,254.17

• $145.84

Tags

CCSS.7.RP.A.3

Use the chart above to find the monthly payment for a 15 year, $300,000 loan at 9%.

Tags

CCSS.7.RP.A.3

Use the chart.

What is the monthly payment on a 30 year, $500,000 loan at 7%?

Tags

CCSS.7.RP.A.3

You have a monthly mortgage payment of $1,890. If your loan amount is $340,000 and the interest rate is 6%, what part of the payment goes toward interest?

Tags

CCSS.7.RP.A.3